Egypt to issue $1.75 billion in 1-year treasury bills

Egypt’s central bank said on Thursday that it would issue $1.75 billion in one-year treasury bills to local banks and foreign financial institutions at an auction on November 25.

The government has turned mainly to the local money market to finance its public deficit since a popular uprising in early 2011 which has deterred many foreign investors.

The issuance would be a rollover of an existing issue, two traders at Egyptian banks are quoted saying.